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Mortgage News Daily

The Day Ahead: Beige Book, Treasury Auction, Heavy Corporate Debt Supply

Posted To: MBS Commentary
Recap of Yesterday Lost rate sheet rebate was restored yesterday as the bond market benefited from a reversal of demand for risky assets (stocks sold) and an onslaught of swapable corporate debt supply. Loan pricing was aggressive out the gate so not all lenders repriced for the better, but several of the mid-majors did recall and re-issue. While rebate did improve, less than $1.5 billion in new loan supply was offered by originators in the TBA market with the majority of hedges seen in 4.0 30-year paper, indicating the refi market has slowed since last week (or secondary is over hedged). The benchmark 10-year Treasury note went out +1-00 (32/32) at a price of 100-08 yielding 2.598% (-11.5bps) and the October FNCL 4.0 ended the session +0-17 at 102-31 yielding 3.566%. Swap spreads tightened...(read more)
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Mortgage Rates End Losing Streak But Treasury Auctions Loom

Posted To: Mortgage Rate Watch
The week ahead is very light in terms of economic data, that implies we should expect the stock market to continue to provide mortgage rates with directional guidance. If stocks rally, look for mortgage rates to move higher. If stocks fall, look for mortgage rates to improve. The only economic reports on the schedule in the week ahead that have the potential to move mortgage rates will be released on Wednesday and Thursday. Tomorrow the Federal Reserve releases the Beige Book, named for the color of its cover. The Beige Book is a compilation of anecdotal information and data on current economic conditions across the country. The findings are not the views of Federal Reserve officials, instead, each Federal Reserve bank interviews key business contacts, economists, market experts, and other...(read more)
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Housing Crisis Needs Localized Approach, Not "One Size Fits All" Solution

Posted To: MND NewsWire
Eric Rosengren, president of the Federal Reserve Bank of Boston, told attendees at a Federal Reserve sponsored conference on REO and Vacant Property Strategies for Neighborhood Stabilization last Thursday that there may not be a single solution for the housing market as the effects of financial crisis depend on the characteristics of each individual community. Framing the problem affects the solutions you propose, he said. If we assume we are trying solve a problem of foreclosures and REO rooted in the housing bubble, the solutions will tend to emphasize mitigating foreclosures, accelerating the disposition of REO, or advocating for reconsideration of the legal systems approach to personal bankruptcy and foreclosure. If the problem is viewed as being primarily about housing demand, then the...(read more)
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Although we encourage you to work with your lender if you are a payment or two behind, the reality is that homeowners who have tried to negotiate on their own, with their mortgage company have usually come up with something worse than what they started with. According to HUD, a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.Mortgage Bankers are used to speaking with homeowners who know very little about their loan.

Also, these homeowners are generally taken advantage of for that very reason. In addition to negatively impacting the negotiation, homeowners also struggle making contact with a useful party at their mortgage company.